Careers in Insurance

1. Careers in Insurance The insurance industry employs over 2.3 million workers Wage and salary employment in the industry is projected to grow 10% in the next ten years In 2004, weekly earnings for workers in the industry averaged $756, considerably higher than the average of $529 for all private industry

2. Careers in Insurance How many insurance jobs can you name? The Possibilities are Endless!

3. Careers in Insurance: Operations Three Segments of Insurance Company Operations Marketing Underwriting Claims

4. Careers in Insurance: Operations Insurance Marketing The process of identifying potential customers and then creating and supplying the products and services they need

5. Careers in Insurance: Operations • Insurance Marketing • Four types of distribution systems • Independent agency • Exclusive agency • Direct writing • Direct response

6. Careers in Insurance: Operations • Insurance Marketing • Independent Agency • Independent agents are in business for themselves and usually represent several different insurance companies

7. Careers in Insurance: Operations • Insurance Marketing • Exclusive Agency • Exclusive agents are in business for themselves but are contracted to do business with only one company

8. Careers in Insurance: Operations • Insurance Marketing • Direct Writing • Direct writers are employed by an insurance company and rely on personal contact, direct mail, the internet, or telephone contact with the customer for their business

9. Careers in Insurance: Operations • Insurance Marketing • Direct Response • Direct writers are employed by an insurance company and rely solely on direct mail, the internet, or telephone contact with the customer for their business

10. Careers in Insurance: Operations • Insurance Marketing • Advertising • Insurance companies use traditional advertising campaigns such as television, radio, magazine, mail and the internet • Insurance companies also rely on local agents to advertise the company

11. Careers in Insurance: Operations • Insurance Underwriting • Determines: • who an insurance company’s customers will be • what the companies products will be • at what price those products will be sold

12. Careers in Insurance: Operations • Insurance Underwriting • Underwriter • Evaluates applicants for insurance • Selects those that are acceptable to the insurer • Prices coverages • Determines policy terms and conditions

13. Careers in Insurance: Operations • Insurance Underwriting • Line Underwriter • Responsible for the day-to-day decisions • Must refer to the insurer’s underwriting guidelines • Underwriting Management • Sets the company guidelines for underwriting • Delegates underwriting authority

14. Careers in Insurance: Operations Insurance Claims A claim is a demand by a person or business seeking to recover from an insurance company for a loss that might be covered by an insurance policy

15. Careers in Insurance: Operations • Insurance Claims • Claim Representative • Also called an adjuster • Responsible for investigating, evaluating, and settling claims

16. Careers in Insurance: Operations • Insurance Claims • Responsibilities of a Claim Representative • To respond promptly when a claim is submitted • To obtain adequate information • To properly evaluate the claim • To treat all parties fairly

17. Careers in Insurance • Advantages to a career in Insurance • Recognition • Insurance professionals lead businesses and communities • Rewards • Competitive compensation matches job satisfaction

18. Careers in Insurance • Advantages to a career in Insurance • Flexibility • The industry invites people to take charge and work at their own pace in any location • Challenge • People in insurance make a difference by solving problems and helping people

19. Careers in Insurance • Advantages to a career in Insurance • Variety • Every day is a new adventure. The work is as varied as the customers' needs • Advancement • Self-motivated, skilled people advance quickly